FROM THIS EPISODE

Is the debt deal a done deal? That's the big question in Washington today, and we might not know until tomorrow. We hear what the President and leaders of Congress agreed to and what it could mean for their partisan rank and file, the American people and the global economy. Also, markets are up on the debt deal, down on manufacturing numbers. On Reporter's Notebook, Muslims today began a month of fasting aimed at sacrifice and religious purity. What will that mean in countries where protest and violence have become part of daily life?

Banner image: The US Capitol building is seen on July 31, 2011 in Washington, DC. President Barack Obama announced that congressional leaders had reached a tentative agreement to extend the federal debt limit while enacting spending cuts. Photo by Mario Tama/Getty Images

There's still a lot of uncertainty about the debt-ceiling deal, but last night's announcement was enough to create a sigh of relief in the international markets. The US markets could be another story. Sudeep Reddy is economics reporter for the Wall Street Journal.

Ramadan began today for Muslims around the world, a month of abstinence from food and drink from sunrise to sunset. Its themes include personal commitment, purity and sacrifice. In politically troubled countries, will that mean more protest and more government retaliation or a stand down by both sides? In Syria, where the government conducted a bloody crackdown yesterday, protesters have plans for increased activity. In Egypt, youth leaders say they'll suspend sit-ins in Tahrir Square. Nicholas Blanford is a Beirut-based correspondent for the Christian Science Monitor.

Late last night, the President and Congressional leaders announced a debt-ceiling deal. The need for last night's so-called compromise was forced by Tea Party Republicans ready to risk the first default in American history, but they still might not vote for it. The President says he had no choice but to reduce the debt with drastic cuts and no revenue, so angry liberal Democrats might not vote for it either. It's a dynamic that doesn't create a deal so much as it creates a "ransom." If it does pass, the spending cuts might further slow the economic recovery. It won't create jobs, and it lets unemployment extensions expire for 14 million Americans. We hear about the terms of the deal and what might happen if it passes — or fails.